6 Important Steps to follow once you have Incorporated your Startup as a Private Limited Company
1. Checking Company’s Master Data After Incorporation
Certificate of incorporation for a private limited company is the last step in the process of incorporation. Once you received the certificate of incorporation, it means, all legal formalities required for company registration are completed in India. Enter your CIN (Company Incorporation Number) on the http://www.mca.gov.in/ to verify all details are accurate.
2. File E-Form INC22 For Situation Of Registered Office
Situation of registered office has to be intimated within 30 days from the date of incorporation to the registrar of companies. This can also be filed at the time of incorporation along with other e-forms if registered office of the company is going to be the director’s residence or owned house.
If it’s not filed at the time of incorporation then within 30 days from the date of incorporation, you need to file e-form INC-22 with the registrar of companies.
3. Display Company’s Identity And Other Details
After incorporation, it’s the duty of the company to display following things outside the company’s registered office; Name of the company, Registered office address of the company, Corporate identity number or CIN, Telephone number, email ID, Website address and fax number, if any.
In case of failure to quote CIN number, penalty of Rs. 1,000 per day shall be imposed on the defaulting company and on every officer in default for every day during which such default continues up to a maximum limit of Rs. 1,00,000.
4. Appointment Of Company Auditor
As per section 139(6) of Companies Act 2013, company has to appoint its first auditor within 30 days from the date of incorporation in a board meeting. If board of directors are not able to appoint then it has to be appointed within 90 days in a general meeting of members.
First auditor as appointed is required to hold office till the conclusion of first annual general meeting. Companies Act 2013 does not require any form to be filed with ROC but this is a requirement of law and it has to be complied within time.
5. Open A Bank Account And Issue Shares To Subscribers
Companies Act 2013 requires the company to allot and deliver share certificates within 2 months from the date of incorporation to all subscribers of MOA. It’s also mentioned that each subscriber will deposit subscription money as specified in MOA to company’s bank account by cheque or through net banking.
6. File Audit Report, Financial Statements And Annual Report Before Due Date
A private limited company is required to file its balance sheet, profit and loss account, auditor’s report and annual return every financial year before the due date with the registrar of companies. Non compliance to this provision will attract additional fee in addition to the normal fee that are charged while filing the e-Form.
About the Author
This article has been co-authored by Harshit Parekh, Co-Founder, Director at LegalNow and Rudraksh Durrani, Intern at LegalNow.
